We provide accounting and CPA-related services to clients across the country with primary focus in the west central Minnesota area. The firm provides a wide variety of accounting, tax and financial management services, tailored to meet your needs, using the latest high tech solutions. We understand timely and accurate information is imperative in helping you make prompt business and personal decisions with confidence.
We are committed to providing that information for you. Of primary concern to us, is that we render these services to you with the personal attention you deserve.
We are committed to providing that information for you. Of primary concern to us, is that we render these services to you with the personal attention you deserve.
Services
To meet the needs of new clients, Michael Smith started in business in 1988 to provide accounting, tax and CPA-related services to corporations, small businesses and individuals throughout west central Minnesota.
In 1994, he partnered with Fred Evenson to form Smith Evenson & Co.
After the death of Fred Evenson in 2004, the name was changed to Michael R. Smith, Ltd.
In 2015 he partnered with Kyle A. Sem, CPA to form Smith & Sem, Ltd. - Certified Public Accountants.
Built my own tax practice from the time I left public accounting until the partnership was formed.
In 1994, he partnered with Fred Evenson to form Smith Evenson & Co.
After the death of Fred Evenson in 2004, the name was changed to Michael R. Smith, Ltd.
In 2015 he partnered with Kyle A. Sem, CPA to form Smith & Sem, Ltd. - Certified Public Accountants.
Built my own tax practice from the time I left public accounting until the partnership was formed.
We strive to provide precise communication during all phases of our work and make it easy for you to do business with us.
We want you to have a positive overall experience working with Smith & Sem, Ltd.
We serve many tax clients in the tri-state area.
In addition to preparing more than 1500 tax returns annually, we help our clients manage their taxes - through planning, business advice, tax research and IRS audit support.
Our knowledge and understanding of the current tax laws and regulations allows us to help clients meet their overall goals, while minimizing their tax liabilities.
We want you to have a positive overall experience working with Smith & Sem, Ltd.
We serve many tax clients in the tri-state area.
In addition to preparing more than 1500 tax returns annually, we help our clients manage their taxes - through planning, business advice, tax research and IRS audit support.
Our knowledge and understanding of the current tax laws and regulations allows us to help clients meet their overall goals, while minimizing their tax liabilities.
If your business is engaged in a qualifying production activity you may be able to take a tax deduction for your U.S. based business activities.
The deduction is limited to income arising from qualified production activities in whole or in part based in the United States.
The following are qualified production activities.
Software development in the United States, including the development of video games.
If you have a business that falls into any of these categories and you are not looking at this deduction, you could be missing out on a valuable tax break.
The deduction is limited to income arising from qualified production activities in whole or in part based in the United States.
The following are qualified production activities.
Software development in the United States, including the development of video games.
If you have a business that falls into any of these categories and you are not looking at this deduction, you could be missing out on a valuable tax break.
All due dates assume that the date falls on a business day.
If the due date falls on a holiday or weekend, the due date will be the next business day.
Employers - This due date applies only if you deposited the tax for the quarter in full and on time.
Employees who work for tips - If you received $20 or more in tips during October, report them to your employer.
You can use Form 4070 Employee's Report of Tips to Employer.
Employees who work for tips - If you received $20 or more in tips during November, report them to your employer.
If the due date falls on a holiday or weekend, the due date will be the next business day.
Employers - This due date applies only if you deposited the tax for the quarter in full and on time.
Employees who work for tips - If you received $20 or more in tips during October, report them to your employer.
You can use Form 4070 Employee's Report of Tips to Employer.
Employees who work for tips - If you received $20 or more in tips during November, report them to your employer.
But what should be done with those documents after your check or refund request is in the mail?
Federal law requires you to maintain copies of your tax returns and supporting documents for three years.
This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit.
If there is any indication of fraud, or you do not file a return, no period of limitation exists.
Federal law requires you to maintain copies of your tax returns and supporting documents for three years.
This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit.
If there is any indication of fraud, or you do not file a return, no period of limitation exists.
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